Toyota has appointed the grandson of the company's founder as its new president, as the Japanese carmaker aims to turnaround its fortunes.
Akio Toyoda, 53, faces a tough job, as like most global car companies, Toyota has seen its sales slump in the face of the continuing global recession. Last month, Toyota reported the biggest annual loss in its history, and it has already warned of worse for this year. For the year to 31 March, it made a net loss of 437bn yen ($4.6bn; £2.8bn).
'Continued hardships'
Mr Toyoda will lead a new management team that includes four new executive vice presidents. Like many rivals, Toyota has cut production, including at its UK plants, as sales have declined. Its loss for the year to 31 March was its first since 1963. "We expect to face continued hardship in our business environment for the near term, despite signs of recovery in some areas," outgoing Toyota president Katsuaki Watanabe told the firm's annual shareholder meeting.
Analysts said that Mr Watanabe, who had led Toyota since 2005, had paid the price for the firm's recent problems. However, he will remain on the board, taking up the position of vice chairman.
Name change
Toyota was founded by Kiichiro Toyoda in 1937. He chose the name Toyota for the business rather than his surname, because Toyota was considered luckier when written in Japanese.
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